MIAMI—Affiliates of locally-based Lionstone Development have acquired the 124-bed One Bal Harbour Hotel and nine condominium units for a combined purchase price of $12 million.
Lionstone acquired the hotel, which will be operated as the Ritz Carlton Bal Harbour, and the condo units from One Bal Harbour Hotel Facilities, LLC.
“One Bal Harbour residents awoke this morning to Ritz Carlton's stylized lion on the front door,” says real estate attorney Steven Carlyle Cronig, a partner with the Coral Gables office of the national law firm of Hinshaw & Culbertson, who has represented the One Bal Harbour residential condominium since 2009.
The building in which the hotel is located also contains the residential condominium, the residences at One Bal Harbour, which contains 185 luxury private residences, and the 10295 Collins Avenue, Hotel Condominium Association, which contains 124 luxury hotel condominium units. The building itself and the five acres of oceanfront on which it is located now are owned by One Bal Harbour Corporation, which is an affiliate of The Residences at One Bal Harbour Condominium Association.
The sale of the hotel and condo units to Lionstone ends a long saga for the One Bal Harbour property, which began in 2004 when the project was constructed by WCI Communities on the site of the Harbour House North. After selling all 185 of the luxury residential condominiums and half of the hotel condominium units, WCI filed a Chapter 11 petition in bankruptcy in 2008. The property, including the hotel and 52 unsold hotel condominium units, was purchased by Elcom Hotel & Spa, LLC. Elcom was removed from management of the One Bal Harbour property and replaced, first by a state court receiver in September 2011 and subsequently by a bankruptcy chief restructuring officer in January 2013. Litigation surrounding the property's operation remains active.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
